The Only Two Numbers People Care About In Tonight's Apple Earnings

Original: Apple reports June quarter earnings tonight after the market closes. We're going to have live coverage of the numbers as soon as they hit, so tune in.

The sentiment around Apple, and in particular the iPhone, has gotten increasingly negative as the quarter has progressed. Analysts believe people are holding off on iPhone purchases, waiting for the next big iPhone release.

For those of you unfamiliar with Wall Street parlance, the "buy side" are people who actually make investments. These numbers are also referred to as "whisper" numbers. They're closer to what the investment world is thinking than the "sell side" which what Munster and other analysts do.

Munster believes Apple sold 28-29 million iPhones for the quarter, which easily beats the whisper number. The consensus number from Wall Street (sell side analysts) is 29 million.

Because Apple is now an iPhone company, that's the number most people are going to focus on. However, we think the iPad number is much more interesting in this earnings report.

The iPhone is a somewhat known entity at this point. Apple releases the iPhone, gets jaw-dropping iPhone sales for two quarters, then sees the number fall for the next two quarters as people hold off on buying a phone. (They're waiting for the next iPhone release.)

The iPad, however, is a totally different beast. It's almost three years old, but it's still hard for analysts to figure out. It's also disrupting the computer industry. Both sell side and buy side analysts are calling for Apple to have sold 16 million iPads.

Those are two main product numbers to keep an eye on. Here are the other important numbers: